© Reuters.
SAN FRANCISCO – Nextdoor Holdings, Inc. (NYSE: KIND), known for its neighborhood networking services, announced today that co-founder Nirav Tolia will be rejoining the company as Chief Executive Officer, President, and Chairperson of the Board. Sarah Friar, who has served in these roles since 2018, will step down, with a planned transition in Q2 2024.
During her tenure, Friar oversaw the company’s growth to over 88 million verified users across more than 330,000 neighborhoods worldwide. Tolia expressed gratitude for Friar’s leadership, which included taking the company public and expanding its global presence. The leadership change comes as Nextdoor released preliminary unaudited financial results for the fourth quarter of 2023, showing a 5% year-over-year increase in weekly active users (WAU) to 41.8 million and a 3% increase from the previous quarter. The company’s revenue for the quarter was $56 million, surpassing the guidance range of $50 million to $52 million.
In addition to the leadership transition, Nextdoor’s Board of Directors has approved a $150 million increase to the company’s share repurchase authorization, bringing the total to $250 million, with approximately $77 million already executed. The share repurchase program has been extended until March 31, 2026.
Nextdoor, which operates in 11 countries, aims to connect neighbors, businesses, and public agencies to foster thriving communities. The company is set to report its full Q4 2023 results on February 27, 2024.
The information provided is based on a press release statement from Nextdoor Holdings, Inc.
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